Digital Inspection Market worth 27.84 Billion USD by 2023

According to the new market research report on "Digital Inspection Market by Technology (Machine Vision, Metrology, and NDT), Offering, Dimension, Vertical (Manufacturing, Electronics, Oil & Gas, Aerospace & Defense, Automotive, Power, Food & Pharmaceuticals), and Geography - Global Forecast to 2023", the digital inspection market is expected to grow from USD 19.66 Billion in 2018 to USD 27.84 Billion by 2023, at a CAGR of 7.2% between 2018 and 2023. The growth of this market is driven b by technological advantages over traditional methods and increasing consumer awareness.

Digital Inspection market for metrology to hold the largest share of the market during the forecast period

Metrology accounted for the largest share of the market in 2017 and is expected to hold the largest share during the forecast period. The demand for metrology is driven by the rising need for accurate inspection of 3D data used for the modeling and analysis of 3D models, growing focus on quality control, inability of traditional measurement devices to address several manufacturing issues, and growing automation and in-line metrology.

Digital Inspection market for 3D to grow at a higher CAGR during the forecast period

The digital inspection market for 3D is expected to grow at a higher CAGR between 2018 and 2023. 3D helps overcome the limitations of 2D techniques and offers added advantages to manufacturers to inspect beyond 2 planes of a product and volumetric height, allowing for 100% inspection and detection of defects in a product. With increasing demand for product quality, 3D digital inspection is replacing 2D, as the former allows manufacturers to diagnose issues such as metal bridging, foreign materials, and construction defects in 3D planes and in high-speed environments.

The Americas to hold the largest share of the digital inspection market during the forecast period

The Americas held the largest share of the market in 2017 and is expected to dominate the market with the largest share between 2018 and 2023. This is because of the presence of major players operating in verticals such as automotive, aerospace & defense, public infrastructure, and energy and power in the US. This region is emerging as an important hub for the manufacturing and power generation verticals. Growing automation in almost all industrial verticals is generating a huge demand for digital inspection systems in the Americas.

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 5000 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "RT" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.